Encompass Capital Advisors, a hedge fund known for its energy-focused investment strategy, disclosed a new position in Baker Hughes. The firm purchased 1.15 million shares of the energy technology company, valued at approximately $63.77 million as of the reporting date. The new holding represents a significant 2.27% of Encompass's reported portfolio.
This transaction was part of a quarterly 13F filing, which reports holdings as of June 30, 2026. Because these filings are delayed, the trades occurred at some point during a strong second quarter for Baker Hughes, which saw the company beat earnings estimates and secure record orders.